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1. For each of the following changes in the demand or supply curves in the tea market below, draw a graph showing the old demand
1. For each of the following changes in the demand or supply curves in the tea market below, draw a graph showing the old demand and supply curves as well as the new demand or supply curve (whichever shifts). Also show how the equilibrium price and quantity change. a. Bad weather wreaks havoc with the tea crop.| b. A medical report implying that tea is bad for your health is published. 0. Consumer income rises. (Assume tea is a normal good.) d. Consumers expect the price of tea to be lower next week. e. A technological innovation lowers the cost of producing tea
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